On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56. Required: a. Journalize the entries for October 31 and November 19.  b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Journal entry is a process of recording and classifying business transactions initially into books…

Q: During its first year of operations, Larkspur, Inc. had the following transactions pertaining to its…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 736,000 shares of no-par…

A: If the shares are issued at more than a par value of a share, the excess amount goes to Paid-in…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

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Q: Stock 560,000 Common Stock, $35 par (1,000,000 shares authorized, 400,000 shares issued)…

A: Journalize the entries to record the May transactions. Date   Account  Title and Explanation…

Q: On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. The…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: On October 31 : Number of Shares = 400,000 Par Value = $ 10 Issue Price = $ 18 Paid in Capital in…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On July 1, Hanson Corporation issued 10 shares of $100 par value preferred stock for cash of $1,000…

A: Preferred stock runs more like a bond than regular stock. Preferred stock dividend yields are…

Q: Issuing Stock Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of…

A: Given that: Par value of common stock = $60 Par value of preference stock = $20

Q: Entries for Isuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for…

A: Amount  received  for issue of shares in excess of par value will be credited  to paid in capital…

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Cash received  on issue of 75000 shares of Common stock = 75000 ×$15 =$1125000

Q: A company has the following transactions during the year related to stockholders' equity. February 1…

A: Journal entry: It is defined as the recording of company's day to day transactions of monetary…

Q: Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30…

A: The equity section of a balance sheet shows the owner’s total claim on assets after debts have been…

Q: On May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $2)…

A: Given that: Common stock shares issued = 2000 shares Preferred Stock shares = 3000 shares

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Preferred stock is a type of stock on which a fixed amount of dividend is paid. These stockholders…

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Journal: Recording of a business transactions in a chronological order.

Q: A company has the following transactions during the year related to stockholders' equity. February 1…

A: The corporation has different options for collecting resources for the business. It includes the…

Q: During its first year of operations, Culver Corporation had these transactions pertaining to its…

A:

Q: On December 31, Westworld Inc. has the following equity accounts and balances: Retained Earnings,…

A: Stockholders' equity: Stockholders' equity means the remaining net assets available to shareholders.…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Issue of stock means to sell the shares of the entity in the market. The selling of shares could be…

Q: On January 1, Larkspur, Inc. had 93,000 shares of no-par common stock issued and outstanding. The…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par…

A: Any excess cash paid for the shares goes to Paid-in Capital in excess of par Account.  Total Paid-in…

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: What is the total amount recorded in the Common Stock account at the end of 20X2?   Select one:…

A: Total Shareholders' Equity  = Common Stock + Retained Earnings

Q: A company has the following transactions during the year related to stockholders’ equity.…

A: The company can raise funds using different kinds of methods. It can be by issuing common stock,…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in equity…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 100,000 shares of $5 par…

A: Workings: Issued 100000 shares @ 9 each = 100000 x 9 = 900000 Par value of each is 5 = 100000 x 5 =…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Shares issued at a cost above its stated or par value is called premium on shares. It is the…

Q: Blossom Company had these transactions during the current period. June 12   Issued 82,000 shares…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Journal Entries are the entries to be recorded in the accounting books of the business for all the…

Q: On December 1 of the current year, the following accounts and their balances appear in the ledger of…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

Q: Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 2,000,000…

A: Stockholders’ equity: It refers to the remaining amount of assets that are available to the…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,600 shares of…

A: a. Date Description Debit Credit jan. 22 Cash (73,600*55) $4,048,000           Common stock…

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Ivanhoe Company had these transactions during the current period. June 12   Issued 82,500 shares…

A: Amount credited to common stock = $82,500*$1 Amount credited to common stock = $82,500   Paid in…

Q: OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2…

A: The firm authorized to issue 1,000,000 shares, with par value of $2

Q: During its first year of operations, Blue Spruce Corp. had these transactions pertaining to its…

A: The stock in which shareholders are entitled to received dividend whose amount may vary from time to…

Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…

A: Shareholders' equity balance includes common stock, preferred stock, and additional paid-in capital.…

Q: Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: On May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4)…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 70,300 shares of…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: lefrerson contractor, sued for 73,000 shares of $45 par common stCk at $54, and on February 2 issued…

A: Journal is the accounting format in which monetary transactions are firstly recorded in the…

Q: On December 31, Westworld Incorporated has the following equity accounts and balances.   Preferred…

A: Total stockholders’ equity= Total paid-in capital + Retained earnings - Treasury stock

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.